TEHRAN – Majlis will discuss a bill proposed by the administration aimed to bring the national economy out of recession.

Mohammad-Ali Najafi, the senior advisor to the Iranian president, said the bill will be submitted to MPs by Wednesday, according to the Fars news agency.

On July 26, the administration of President Hassan Rouhani released its new economic policy package for the country to emerge from stagflation.

The administration released a new short-term economic policy to push the country out of the current state of stagflation. This report identifies financial shortages, slump in domestic demand, and fall in investments, besides the unjust sanctions imposed by the West, as the main obstacles faced by the country.

The new economic policy is centered on resolving financial shortages and boosting domestic demand, given the unjust set of sanctions by the western countries persists over the next year.

In addition, the importance of increasing economic efficiency, given the limited resources, has also been emphasized upon in the report.

On the macro level, the government aims to stabilize the economy through a set of monetary, financial, and foreign exchange policies. While on the micro level, overall improvement on ease of doing business has been identified to be a determining factor for the development of the economy.

In April, the International Monetary Fund (IMF) said Iran’s economy had contracted by 1.7 percent in 2013. However, the economy will come out of recession in 2014, the report added.

The Iranian economy will grow by 1.5 percent in 2014 and the growth rate will hit 2.3 percent in 2015, according to the report.

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